Aya Gold & Silver Inc. · TSX:AYA
Aya Gold & Silver — Investor Presentation (September 2026)
58 slides from Aya Gold & Silver's investor presentation, September 2026
Slide 1: Unlocking Silver Value in Morocco
Unlocking Silver Value in Morocco INVESTOR PRESENTATION SEPTEMBER 2026 TSX: AYA | NASDAQ: AYA
Slide 2: Important Information
IMPORTANT INFORMATION Forward-Looking Statements This presentation contains “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide informatio
Slide 3: Important Information
IMPORTANT INFORMATION Aya’s growth strategy; Aya’s ability to obtain and maintain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to Aya’s business operations; Aya’s reliance on technology and information systems; litigation risks; interest an
Slide 4: Aya Gold & Silver | Company Overview
Aya Gold & Silver | Company Overview WHO WE ARE A Silver Producer Focused Exclusively on Morocco. • Silver Producer: the Zgounder Silver Mine, one of the world's highest-grade primary silver operations • Polymetallic Asset Development: Boumadine - gold-led (~60% Au / 30% Ag) • First-mover advantage
Slide 5: Aya Gold & Silver | Proven Management Team
Aya Gold & Silver | Proven Management Team Benoit La Salle, FCPA, MBA Mustapha Elouafi Ugo Landry-Tolszczuk Elias J. Elias President & CEO, Director President-Managing Director, Morocco Chief Financial Officer Chief Legal and Sustainability Officer Benoit has over 30 years of experience developing a
Slide 6: Capital Structure | Strong Balance Sheet
Capital Structure | Strong Balance Sheet Market Data and Capital Structure Ownership Analyst Coverage All data in USD - unless otherwise noted Beacon Securities Exchanges TSX: AYA | NASDAQ: AYA Board & management 8% BMO Capital Markets Shares – Basic (Aug 13, 2026) 144.0M Family offices* 38% Cantor
Slide 7: Value Opportunity | Growing Silver Production Profile
Value Opportunity | Growing Silver Production Profile P / NAV (Consensus | x) Revenue by Metal (2026E Consensus) Silver Gold Other 100% First Majestic 2.19x 63% SilverCrest 1.92x Transaction Multiple 80% Gatos Silver 1.77x Transaction Multiple Hecla Mining 1.62x 71% 60% Transaction MAG Silver 1.60x
Slide 8: Morocco | Top Mining Jurisdiction
Morocco | Top Mining Jurisdiction Morocco: #15 Globally By the numbers (#2 in Africa) by Silver Phosphate Barite Investment 1st 1st producer in Africa, 1st 1st 1st producer in Africa, 1st producer in Africa, Attractiveness1 z 15th worldwide 4th worldwide 3rd worldwide Inhabitants of Morocco’s 10% GD
Slide 9: Aya Gold & Silver | First Mover Advantage in Morocco
Aya Gold & Silver | First Mover Advantage in Morocco Aya has established a strategic first-mover advantage in North Africa’s most prospective precious-metal districts Efficient permitting / Mining-Friendly Jurisdiction Underexplored geologically rich region Skilled Mining Workforce Established relat
Slide 10: Our Assets | Morocco-Focused, Quality Growth Portfolio
Our Assets | Morocco-Focused, Quality Growth Portfolio PRODUCTION DEVELOPMENT EXPLORATION UPSIDE Zgounder Silver Mine Boumadine Polymetallic Project Multiple Pathways to Growth • Ownership: 100% • Ownership: 85% (15% ONYHM) • Early-stage exploration • Status: Operating • Status: PEA level1,2,3 • Zag
Slide 11: Industry-Low Discovery Cost
Industry-Low Discovery Cost Industry-low Discovery Cost Driven by Extensive Drilling and Resource Growth RESOURCE GROWTH1,2,3,4 DRIVING OUNCES PER-SHARE 4.20 3.96 3.45 $0.10/oz-$0.15/oz 401 382 Industry-low Discovery Cost 318 Q2-2020 M&I up 5x, Inferred +400 Moz AgEq since 2021 204 New management 0.
Slide 12: Zgounder Silver Mine | Reserve & Resource Update
Zgounder Silver Mine | Reserve & Resource Update Strengthening the Geological Model and Mine Plan Key Highlights4 Exploration Success Delivered Reserve Replacement And Net Resource Growth1,2, P&P Reserves +4% Ag ounces vs. prior estimate (net of depletion) Contained Metal Tonnes (kt) Ag (g/t) (koz A
Slide 13: Zgounder Silver Mine | Updated LOM Plan (2025)
Zgounder Silver Mine | Updated LOM Plan (2025) 73Moz Zgounder Production Profile2 P&P reserves1 In Million Silver Ounces 6 Moz Ag - LOM Average 7.0 6Moz 6.0 5.2-5.8 Avg. annual Ag production 5.0 4.8 4.0 $16.26/oz 3.0 Cash costs (LOM) 2.0 1.6 1.0 0.7 11-year 0.0 2020 2021 2022 2023 2024 2025 2026E 20
Slide 14: H1-2026 | Operating and Financial Highlights
H1-2026 | Operating and Financial Highlights H1-26 OPERATIONAL PERFORMANCE1 H1-26 FINANCIALS CONSOLIDATED 3.2Moz $17.59/oz $205M OF SILVER EQUIVALENT CASH COST PER REVENUES (AGEQ)1 PRODUCED AGEQ OZ SOLD ZGOUNDER 2.8Moz $18.18/oz $84M / $0.58 OF SILVER PRODUCED CASH COST PER NET INCOME BASIC EPS AG O
Slide 15: Q2 2026 | Execution and Price Environment Drives Solid Quarter
Q2 2026 | Execution and Price Environment Drives Solid Quarter Strong Revenues, Net Income and Operating Cash Flow driven by ramp-up of the Zgounder Silver Mine and strong silver price $M +151% 97 +305% +522% $0.24 EPS* 48 39 35 9 8 Q2-25 Q2-26 Q2-25 Q2-26 Q2-25 Q2-26 Revenues Net Income Operating C
Slide 16: 2026 Guidance
2026 Guidance (IN US DOLLARS) Total production (Moz AgEq)1 6.2 – 6.8 Zgounder production Moz 5.2 – 5.8 Boumadine production (Moz AgEq)1 1.0 Zgounder avg cash cost3 $/oz Ag 21.50 Boumadine avg cash cost1,2,3 $/oz AgEq 10.10 Sustaining and growth capital investments $M 36 Exploration expenditures $M 6
Slide 17: Exploration | Zgounder and Regional
Exploration | Zgounder and Regional 2026 Program ZGOUNDER NEAR-MINE DRILLING TARGET: 20,000 m • Focus: Underground exploration west of the Zgounder Fault and pit-adjacent programs. • Scope: Leverage AI and remote sensing results from 2025 plus detailed near-mine mapping. REGIONAL DRILLING TARGET: 10
Slide 18: Zgounder | At-depth Drilling of Near-Mine Permits
Zgounder | At-depth Drilling of Near-Mine Permits Discovery of a new mineralized zone located north of the current open-pit1 Drilling confirmed mineralization at depth at the granite contact outside of the current resource boundary. Recent Drilling Highlights2 4,489 g/t Ag over 6m 6,223 g/t Ag over
Slide 19: Zgounder Regional
Zgounder Regional Zgounder Regional1 Increased prospectivity of the Zgounder Regional Project. • 6 new permits acquired (Zgounder Nord) totaling 48km2 expand footprint to 378.8km², strengthening exploration pipeline. • Grab sample results have identified some high- grade grab Ag-Cu, and Au, along wi
Slide 20: Boumadine PEA | Compelling Development Opportunity
Boumadine PEA | Compelling Development Opportunity District-Scale Low-Risk Proven Tier-1 Precious Standalone Model Track Record Metals Asset based on Three Significant Resource Growth Potential Payable Concentrates in the Region Exceptional Self-funded Permitted Economics and Access to with Mining L
Slide 21: Boumadine PEA | Standing out on Value, Return & Capital Efficiency
Boumadine PEA | Standing out on Value, Return & Capital Efficiency $3.5B 93% $463M 7.6x After-Tax NPV5% After-Tax IRR Initial Capex Capital Efficiency Ratio3 348/271 koz 3.9 Moz AuEq $11.0B $4.7B AuEq1,2 LOM4 production LOM LOM Free cash flow Avg. annual production Revenues (yrs 1-5) / LOM 1. Metal
Slide 22: Boumadine PEA | Significant Leverage to Precious Metal Prices
Boumadine PEA | Significant Leverage to Precious Metal Prices AFTER-TAX UNITS BREAK-EVEN3 -25% BASE CASE SPOT PRICE4 UPSIDE Gold / Silver price $1,704 / $24 $2,625 / $38 $3,500 / $50 $4,472 / $67 $5,250 / $75 NPV5% $B - 1.8 3.5 5.5 6.7 IRR % - 57% 93% 128% 146% Payback yrs - 1.3 0.7 0.5 0.4 Capital
Slide 23: Boumadine PEA | Production Profile
Boumadine PEA | Production Profile Longer mine life, higher production and strong head grades, underpinned by industry-low AISC3 Avg. grade: 4.11 g/t AuEq 348 koz / 271 koz (Y1-Y5) Avg. Annual Production (AuEq koz)1,2 600 Yrs 1-5 / LOM Avg. grade: 3.10 g/t AuEq (LOM) 500 Production, Au-Eq ('000 oz/y
Slide 24: Boumadine PEA / District Land Position
Boumadine PEA / District Land Position The Boumadine 339 km2 Property is located Land Package in the Province of Errachidia, in the 600 km2 Anti-Atlas Exploration Authorization Mountains in the Kingdom of 31 Permits and Licenses Morocco, ~220 km east of the City of Ouarzazate and BASIS FOR CURRENT P
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POWERED BY 3¢VRIFY Yd
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Slide 27: Km strike length of geophysical anomalies
6 km strike length.of geophysical anomalies POWERED BY #*VRIFY
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Slide 29: Boumadine PEA | 2026 Mineral Resource Estimate
Boumadine PEA | 2026 Mineral Resource Estimate Mineral Resource Statement for the Boumadine Project, Morocco, as at an effective date of February 28, 2026 (1-13) Cutoff Tonnes Average Grade Contained Metal NSR US$/t (kt) Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) AuEq (g/t) Ag (koz) Au (koz) Cu (kt) Pb
Slide 30: Boumadine PEA | Updated 2026 Mineral Resource
Boumadine PEA | Updated 2026 Mineral Resource MRE GROWTH & CONVERSION TO M&I RESOURCES Contained Metal in Moz AuEq February 2025 Updated Mireral Resource INDICATED 0.8 1.1 +68% Estimate Excludes 2025 0.4 2-YR CAGR drilling campaign of 3.7 4.2 4.3 140,000 m 1. The 2024 MRE: Effective date April 16, 2
Slide 31: Boumadine PEA | Mine Design
Boumadine PEA | Mine Design South Pit North Pits Center Pit • Open pit 54% / Underground 46% • Open pit mining includes 6 pits • Mining sequence: High grade material processed Y1-Y5 • Open pit strip ratio 21:1 • Underground production: Starting in Y3 31
Slide 32: Highly Capital Efficient Project | Capex Intensity Ratio of 7.6
Highly Capital Efficient Project | Capex Intensity Ratio of 7.6 LOW INITIAL CAPEX of $463M Capital Expenditures ($M) Initial Sustaining Total Direct Costs 299 507 806 Open Pit Mining 52 59 112 Underground Mining 0 407 407 Processing Plant 175 0 175 Shipping HIGHLIGHTS / KEY ASSUMPTIONS 11 0 11 Infra
Slide 33: Industry Leading Operating Costs
Industry Leading Operating Costs LOW AISC $1,300/oz AuEq Cash Cost Breakdown (LOM AVG.) TSF & Water Operating Costs Year 1-5 LOM 1% Cost per tonne milled G&A Mining (underground and open pit) $/t milled 51 44 5% Processing $/t milled 18 18 G&A $/t milled 6 5 Process Plant TSF and Water $/t milled 0.
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i AN GOLD & SILVER
Slide 35: Boumadine PEA | Mill Flowsheet
Boumadine PEA | Mill Flowsheet GRINDING CYCLONES Processing of mineralized JAW CRUSHER material using conventional crushing, BALL MILL grinding, and flotation to SAG MILL CRUSHED ROCK produce separate Lead, STOCKPILE Zinc, and Pyrite LEAD FLOTATION ZINC FLOTATION PYRITE FLOTATION concentrates TAILIN
Slide 36: Boumadine PEA | Metallurgy & Processing
Boumadine PEA | Metallurgy & Processing High recoveries, conventional processing, and multiple commercialization pathways positions Boumadine as a technically sound and highly economic development project Gold Silver Zinc Lead AuEq LOM (g/t) (g/t) (%) (%) Average (g/t) Select Processing Metrics Grad
Slide 37: Boumadine PEA | Revenue Model (Concentrates)
Boumadine PEA | Revenue Model (Concentrates) Revenue based on production of three gold- and silver- Strong Market Interest and Payables Established bearing concentrates: Multiple traders have expressed firm interest in purchasing lead, Lead, Zinc and Pyrite zinc, and pyrite concentrates. Based on re
Slide 38: Infrastructure | Building on Established Strengths
Infrastructure | Building on Established Strengths Strong existing infrastructure within Location: Accessible via Errachidia Tanger Port Nador West Port International Airport (to Casablanca) the region and road from Marrakech (~420 km). Oujda Casablanca Port Taourirte • Water Supply: Study completed
Slide 39: Project Timeline | Next Steps
Project Timeline | Next Steps • Exploration Program: A 400,000 m drilling campaign is underway, planned to be completed by the end of 2027. With 360,000 m focused on Mineral Resource definition, with the objective of converting inferred Mineral Resources into indicated Mineral Resources required for
Slide 40: 2026 | Focused on Execution
2026 | Focused on Execution ACCELERATING BOUMADINE DEVELOPMENT Early earthworks, late 2026–Q1 2027 — ahead of H2 FS, scale-up from base case • Finalize offtake agreements (payabilities) • Finalize ESIA & trade-off optimization • Finalize mining, processing & water studies • Finalize logistics 2026 D
Slide 41: Asirem
Asirem Ag (ait) 120-250 1) >250
Slide 42: Boumadine PEA | Key Takeaways
Boumadine PEA | Key Takeaways DISTRICT-SCALE PRECIOUS METALS OPPORTUNITY WITH STRONGER ECONOMICS, REDUCED EXECUTION RISK AND A CLEAR PATH TO PRODUCTION. DELIVERED UPDATED PEA 1 AFTER-TAX NPV5% / IRR AVG. ANNUAL PRODUCTION (AuEq)2 INITIAL CAPEX AISC ($/OZ AuEq)3 $3.5B / 93% 348 / 271 Koz $463M $1,105
Slide 43: Investment Opportunity & Path Forward
Investment Opportunity & Path Forward Boumadine's ramp-up takes Group free cash flow from US$268M to US$1.1B — a step-change not reflected in the current market capitalization 4.1x 25.3% INVESTMENT HIGHLIGHTS FCF Growth 2026E → Avg. '30–34E '30–34E FCF Yield on Current Market Cap¹ 1 Two-Asset Growth
Slide 44: Contact
1320 GRAHAM, SUITE 132 MONT-ROYAL, QC H3P 3C8 BENOIT LA SALLE: Benoit.Lasalle@ayagoldsilver.com ALEX BALL: Alex.Ball@ayagoldsilver.com www.ayagoldsilver.com | info@ayagoldsilver.com TSX: AYA | NASDAQ: AYA TSX: AYA | NASDAQ: AYA 44
Slide 45: Supplementary Slides
Supplementary Slides TSX: AYA | NASDAQ: AYA 45
Slide 46: Boumadine | Production Stage Benchmarking
Boumadine | Production Stage Benchmarking 2026E PRODUCTION (KOZ AUEQ) 644 580 500 435 414 405 348 344 Average: 350 298 278 271 266 263 260 193 185 180 Kibali Boddington (1) Fruta Del Morelos Cote Fekola Boumadine (2) Loulo Buritica (3) Blackwater Boumadine(2) Obuasi (3) Greenstone Brucejack Lamaque
Slide 47: Boumadine | Development Stage Benchmarking
Boumadine | Development Stage Benchmarking LOM AVERAGE ANNUAL PRODUCTION (KOZ AUEQ) 351 350 348 340 320 303 296 273 271 Average: 272 251 223 217 190 148 (1) (2) (1) (2)(3) Omai Oko West Boumadine Rogue Eskay Creek Spring Stibnite Tower Boumadine Troilus Kone Coffee Cariboo Diablillos (Year 1-5) Vall
Slide 48: Boumadine | Development Stage Benchmarking
Boumadine | Development Stage Benchmarking NPV/CAPEX 7.6x 4.2x 3.0x 2.8x 2.8x 2.2x 2.1x 2.0x Average: 2.1x 1.8x 1.5x 1.3x 1.1x 0.7x Boumadine Diablillos Coffee Omai Eskay Creek Troilus Oko West Rogue Spring Valley Kone Stibnite Cariboo Tower LOM/POST-TAX PAYBACK PERIOD 20.6x 14.7x 10.0x 7.4x 7.2x 6.
Slide 49: Boumadine | Development Stage Benchmarking
Boumadine | Development Stage Benchmarking AVERAGE ANNUAL PRODUCTION (KOZ AUEQ) VS. CAPITAL INTENSITY (US$/OZ AUEQ) $12,000 Initial CapEx Stibnite US$400M $10,000 Capex (US$) / Avg. Annual prod. (oz AuEq) US$2B $8,000 Troilus Tower $6,000 Diablillos Omai Cariboo Coffee Rogue $4,000 Spring Valley Oko
Slide 50: Aya Gold & Silver | Experienced Board of Directors
Aya Gold & Silver | Experienced Board of Directors Benoit La Salle, FCPA, MBA Ghislane Guedira Annie Torkia Lagacé Yves Grou, CPA, CA President & CEO, Director Chair and Director (Independent) Director (Independent) Director (Independent) Benoit has over 30 years of experience developing and Ghislan
Slide 51: Aya | Our History
Aya | Our History Imiter bis, Amizmiz, Azegour projects acquired Construction of Zgounder expansion / Zgounder flotation Extensive drilling program completed 2009–2011 plant commissioned bringing production capacity to 700tpd 2022-2024 2019 Boumadine acquired 2013 Nasdaq listing May 2026 2012 2020 2
Slide 52: Zgounder | Top Silver Intercepts Globally
Zgounder | Top Silver Intercepts Globally Los Ricos, 1 118,399 Zgounder reported 3 out of the top 10 and 15 out of the Zgounder, 2 Elizabet h Hill, 3 85,450 80,762 Filo del Sol, 4 top 50 global silver intersections of 2020-2024 YTD¹ La Colorada, 5 Breccia, 6 69,147 65,930 77,683 Diablillos, 7 64,287
Slide 53: Boumadine PEA | Strong Project Economics
Boumadine PEA | Strong Project Economics AFTER-TAX UNITS 2026 PEA 2025 PEA CHANGE Gold / Silver price $3,500 / $50 $2,800 / $30 NPV5% $B 3.5 1.5 140% 2026 PEA Highlights IRR % 93% 47% 46 pts Updated metal price Payback yrs 0.7 2.1 -1.4 assumptions Capex yrs 463 446 4% Higher payable metal Capital Ef
Slide 54: Appendix
Appendix TSX: AYA | NASDAQ: AYA 54
Slide 55: Appendix A | Technical Reports
Appendix A | Technical Reports Boumadine Project The 2026 PEA is based on the updated Mineral Resource Estimate for the Project, effective February 28, 2026. The complete NI 43-101 technical report supporting the 2026 PEA will be filed within 45 days of the Company’s September 9, 2026 press release,
Slide 56: Appendix B | Zgounder Mineral Resources and Reserves
Appendix B | Zgounder Mineral Resources and Reserves The information below refers to the Zgounder technical report for the Zgounder project titled “Technical Report – Updated Mineral Resource and Mineral Reserves Estimate of the Zgounder Silver Mine Operation, Kingdom of Morocco” dated as of Decembe
Slide 57: Appendix C | Non-IFRS Measures and Other Financial Measures
Appendix C | Non-IFRS Measures and Other Financial Measures Boumadine PEA - Non-IFRS Measures and Other Financial Measures This document includes certain performance measures commonly used in the mining industry that are not defined under IFRS. These measures do not have any standardized meaning und
Slide 58: Aya Gold & Silver | Why Invest
Aya Gold & Silver | Why Invest Exceptional underexplored geology District-scale potential Robust Assets Extensive Exploration Track-Record Mining Friendly Deep Talent Pool 58
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